INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES

Schedule of reconciliation of statutory federal income tax

A reconciliation of the statutory federal income taxes to the recorded provision for income taxes from continuing operations is as follows:

	For the Years Ended December 31,
	2023		2022
	(In thousands)
Statutory federal tax expense	$	2,627	$	11,145
Effect of state taxes, net of federal benefit		1,134		3,308
Effect of state rate and tax law changes		79		629
Impairment of goodwill, intangible assets, and long-lived intangible assets		—		908
Non-deductible officer’s compensation		1,738		1,871
Interest carryforward adjustment		771		—
PPP loan income forgiveness		—		(1,591)
Change in valuation allowance		1,443		(234)
Internal revenue code ("IRC") Section 382 adjustments		(404)		(334)
Net operating loss ("NOL") expirations		203		268
Uncertain tax positions		(77)		(495)
Other		430		943
Provision for income taxes	$	7,944	$	16,418

Schedule of components of the (benefit from) provision for income taxes

The components of the provision for income taxes from continuing operations are as follows:

	For the Years Ended
	December 31,
	2023		2022
	(In thousands)
Federal:
Current	$	—	$	—
Deferred		3,952		12,572
State:
Current		2,796		1,844
Deferred		1,196		2,002
Provision for income taxes	$	7,944	$	16,418

Schedule of components of deferred tax assets and liabilities

The significant components of the Company’s deferred tax assets and liabilities are as follows:

	As of December 31,
	2023		2022
	(In thousands)
Deferred tax assets:
Allowance for doubtful accounts	$	2,084	$	2,149
Accruals		2,722		304
Fixed assets		—		493
Stock-based compensation		615		521
Net operating loss carryforwards		57,428		89,377
Lease liability		8,084		8,901
Interest expense carryforward		21,977		23,788
Total deferred tax assets		92,910		125,533
Valuation allowance for deferred tax assets		(1,473)		(30)
Total deferred tax asset, net of valuation allowance		91,437		125,503
Deferred tax liabilities:
Intangible assets		(102,233)		(129,026)
Available-for-sale securities		—		(23,779)
Fixed assets		(873)		—
Right of use asset		(7,748)		(8,123)
Partnership interests		(283)		(2,412)
Deferred financing costs		(734)		(958)
Uncertain tax positions		(397)		(444)
Other		(107)		(150)
Total deferred tax liabilities		(112,375)		(164,892)
Net deferred tax liability	$	(20,938)	$	(39,389)

Schedule of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	2023		2022
	(In thousands)
Balance as of January 1	$	654	$	1,277
Deductions for tax positions as a result of the lapse of applicable statutes of limitation		(79)		(623)
Balance as of December 31	$	575	$	654